A marital separation in Massachusetts can be hard to process for several reasons, including emotional ones. However, one of the biggest sources of conflict during a divorce proceeding is finances. Two individuals who marry each other naturally allow their finances to intertwine, and unraveling those financial ties can be a major challenge and have consequences that last decades.
One of the best ways of addressing finances during divorce is to take advantage of divorce mediation. Although mediation may be helpful in other aspects of a marital split-up, such as for addressing child custody and visitation, it can be particularly important when dealing with finances. Part of the reason for this is that through mediation, a couple can decide how they would like to split their assets without further court intrusion.
Another important step during divorce is to create a brand-new post-divorce budget that accurately reflects one’s new financial situation. Such a budget is critical because both spouses will end up facing new financial realities after their divorce has been finalized. This is especially true in situations where one spouse worked but the other did not, and budgets can help both parties start off their new financial lives in as healthy a way as possible.
Getting a divorce in Massachusetts can be overwhelming due to the many financial decisions that have to be made. Unfortunately, just one financial mistake may have lasting ramifications, especially for those who are near retirement age and thus do not have much time to recover from a financial setback. However, an attorney can walk a client through this process and make sure that his or her rights and future are safeguarded with each step.
Source: newswire.net, “5 Financial Tips for a Smooth(er) Divorce,” Jennifer Gretson, Oct. 21, 2017